IoT.nxt was founded in 2015 by Nico Steyn. In 2018, they raised R100 million from Talent10 Holding for international expansion to the Netherlands and the United States. They recently sold 51% stakes to Vodacom.
"A strategic agreement that enables us to reach many more markets around the globe. Our brand remains unchanged and we will continue to do business with anyone." – @iotnic https://t.co/xdmcjLUgDh #IoT #IIoT #IoTLeader @Vodacom pic.twitter.com/vq9RS0RHKJ
— IoT.nxt (@iot_nxt) May 14, 2019
The company simply creates a digital platform to connect businesses with things. The platform integrates information technology with sensors and improves business processes by providing a data flow system for organizations.
Vodacom is known for seeking strategic acquisition opportunities to drive investments. In 2000, they acquired a 40% stake in Safaricom which has proven profitable over the years. The acquisition of IoT.nxt stake is a move to boost their IoT business units to operate full IoT value chain across a number of outfits.
Shameel Joosub, CEO of Vodacom said that the investment will allow them effectively distribute the information obtained from sensors and to scale their IoT businesses.
Talent10 is still a major shareholder in IoT.ntx. Vodacom has appointed William Mzimba, the Business Chief Officer to lead IoT.nxt’s management team.
More on TechGist Africa:
- Digital Equity Trading in Nigeria Goes International
- Farmcrowdy Group, Best Foods Fresh Farms Join Hands to Improve Livestock Value Chain in Nigeria
- Jiji Boosts Presence with OLX deal
- Nigeria’s Publiseer makes the Halcyon Incubator Fellowship Final List
- Nigerian State to Get an Electric Car Plant
Get real time update about this post categories directly on your device, subscribe now.